Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr4.72, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Metals and Mining industry in Sweden. Total returns to shareholders of 602% over the past three years. Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: kr0.14 (vs kr0.061 loss in 2Q 2025) Second quarter 2026 results: EPS: kr0.14 (up from kr0.061 loss in 2Q 2025). Revenue: kr198.2m (up 148% from 2Q 2025). Net income: kr47.6m (up kr65.0m from 2Q 2025). Profit margin: 24% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 21
Price target increased by 23% to kr3.70 Up from kr3.00, the current price target is provided by 1 analyst. New target price is 29% below last closing price of kr5.24. Stock is up 476% over the past year. The company is forecast to post earnings per share of kr1.11 next year compared to a net loss per share of kr0.16 last year. Announcement • Feb 21
Sotkamo Silver AB Provides Production Guidance for the Year 2026 Sotkamo Silver AB provided production guidance for the year 2026. For the year, the Company expects to produce 0.9 million -1.2 million ounces of silver. Announcement • Jan 02
Sotkamo Silver AB Announces Ore Reserve Estimate of the Silver Mine Sotkamo Silver AB announced the Mineral Resource estimate has an effective date of December 30, 2025. Mineral resources do not have demonstrated economic viability. The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). Exchange rate used: USD 1.2. Base case cut-off grade for the estimate of the Mineral Resources is 40 g/t AgEq. AgEq = silver equivalent g/t. AgEq grade calculated using (USD prices of) silver USD 39.65 $/oz, gold USD 3,11 $/oz, lead 2, 002 $/t and zinc USD 2,726 $/t. Sotkamo Silver is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources. Depending on the amount of the data within the domain either the Ordinary Kriging method ("OK") or Inverse Distance Squared ("ID2") algorithms for grade interpolation was used for the Silver Mine Mineral Resource using an experimental variogram models created for the elements Ag, Au, Pb and Zn. Estimation of Domains using the Inverse Distance Squared method ("ID2") algorithm using an individual search ellipsoid oriented to the average strike, plunge and dip of the mineralised zone. Samples within the wireframes were composited to 1 m intervals. The estimate is based on a block size of 5 m (X) by 10 m (Y) by 10m (Z), with sub-blocks of 1m by 1m by 1m. A bulk density value of 2.82t/m3 was assigned to all materials (ore and waste). Competent Person's Statement. The Information in this release that relates to Mineral Resources is based on information compiled by Ida Eriksson. She holds MAusIMM certification and works at Sotkamo Silver Oy as Head of Geology. Ms Eriksson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves". Announcement • Nov 22
Sotkamo Silver AB Revises Production Guidance for the Full Year 2025 Sotkamo Silver AB revised production guidance for the full year 2025. for the year, The Company expects to produce 0.8 million -0.9 million ounces of silver against 1.0 million -1.2 million ounces of silver expected previously. Announcement • Oct 16
Sotkamo Silver AB, Annual General Meeting, Apr 21, 2026 Sotkamo Silver AB, Annual General Meeting, Apr 21, 2026. Announcement • Jul 31
Sotkamo Silver AB to Report Q4, 2025 Results on Feb 20, 2026 Sotkamo Silver AB announced that they will report Q4, 2025 results on Feb 20, 2026 Announcement • Jul 24
Sotkamo Silver AB announced a financing transaction Sotkamo Silver AB announced a private placement to issue new shares, warrants and/or convertibles on July 23, 2025. The company has received approval from the shareholders in the extraordinary meeting. Announcement • Feb 14
Sotkamo Silver AB Provides Production Guidance for the Year 2025 Sotkamo Silver AB provided production guidance for the year 2025. The company expects to produce 1.2 1.4 million ounces of silver. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr1.06, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Metals and Mining industry in Sweden. Total loss to shareholders of 36% over the past three years. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: kr0.11 (vs kr0.039 in 3Q 2023) Third quarter 2024 results: EPS: kr0.11 (up from kr0.039 in 3Q 2023). Revenue: kr114.0m (up 1.3% from 3Q 2023). Net income: kr32.0m (up 186% from 3Q 2023). Profit margin: 28% (up from 10.0% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Oct 25
Sotkamo Silver AB, Annual General Meeting, Apr 24, 2025 Sotkamo Silver AB, Annual General Meeting, Apr 24, 2025. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: kr0.12 loss per share (down from kr0.06 profit in 2Q 2023). Revenue: kr96.6m (down 19% from 2Q 2023). Net loss: kr34.0m (down 299% from profit in 2Q 2023). Revenue missed analyst estimates by 23%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to kr1.01, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Metals and Mining industry in Sweden. Total loss to shareholders of 53% over the past three years. Major Estimate Revision • Jul 26
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr467.1m to kr471.8m. EPS estimate increased from kr0.23 to kr0.26 per share. Net income forecast to grow 54% next year vs 16% growth forecast for Metals and Mining industry in Sweden. Consensus price target of kr1.60 unchanged from last update. Share price was steady at kr1.65 over the past week. New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (kr509.8m market cap, or US$49.0m). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to kr1.91, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Sweden. Total loss to shareholders of 18% over the past three years. Reported Earnings • Apr 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr93.9m (up 45% from 1Q 2023). Net loss: kr11.3m (loss narrowed 40% from 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Apr 23
Sotkamo Silver AB Appoints Joni Lukkaroinen as Board Member Sotkamo Silver AB announced that at the Annual General Meeting held on 23 April 2024 Joni Lukkaroinen was elected as a new board member. Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 67% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr446.9m to kr478.7m. EPS estimate increased from kr0.15 to kr0.25 per share. Net income forecast to grow 165% next year vs 2.9% decline forecast for Metals and Mining industry in Sweden. Consensus price target up from kr0.90 to kr1.60. Share price rose 22% to kr1.77 over the past week. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (kr505.2m market cap, or US$47.9m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to kr1.67, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Metals and Mining industry in Sweden. Total loss to shareholders of 38% over the past three years. Reported Earnings • Apr 03
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: kr0.095 (up from kr0.14 loss in FY 2022). Revenue: kr411.8m (up 7.8% from FY 2022). Net income: kr27.2m (up kr55.0m from FY 2022). Profit margin: 6.6% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Sweden are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to kr1.06, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in Sweden. Total loss to shareholders of 64% over the past three years. Reported Earnings • Feb 19
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: kr0.09 (up from kr0.14 loss in FY 2022). Revenue: kr411.8m (up 7.8% from FY 2022). Net income: kr27.2m (up kr55.0m from FY 2022). Profit margin: 6.6% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is forecast to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • Dec 27
Sotkamo Silver AB Updates its Silver Mine Ore Reserve Estimate; the Estimated Ore Reserves Will Secure Mining in the Coming Years Sotkamo Silver AB according to its Ore Reserve estimate updated in December 2023, has assessed that the Ore Reserve of its Silver Mine amounts to a total of 1.45 million tons. The update of the Ore Reserve estimate does not change Sotkamo Silver's guidance or its 2023 production forecast. The company believes that the amount of Ore Reserve and currently known Mineral Resources are sufficient for about 7-8 years of mining and they will be increased with infill and exploration drilling planned for 2024 and 2025. Mineral Resources are upgraded to Ore Reserve with infill drilling. Exploration drilling increases the amount of known Mineral Resources in the area of the current mine. In the next few years, Sotkamo Silver will invest not only in the current mine, but also in the exploration and development of ore-critical areas in its vicinity. The Ore Reserve represents the portion of the Mineral Resources where production is concentrated in the short term. In this area, detailed infill drilling is carried out to ensure an optimised mine design. Sotkamo Silver is also striving to ensure with infill drilling that the Ore Reserve increases by at least one year's worth of production annually. The management of Sotkamo Silver also believes that with constant infill drilling, the company will be able to ensure that the Ore Reserve will be continuously available in sufficient quantities to enable three year’s worth of production. Sotkamo Silver's management and the Board of Directors estimate that a significant portion of the current Mineral Resources, which is not yet included in the Ore Reserve, can be included in the Ore Reserve in the future with continuous infill drilling. Mineral Resources represent assets that are fairly well known but have not yet been drilled in detail. These resources form the basis of the estimated Life of Mine, which currently extends to 2030. Areas located outside the current Mineral Resources offer additional opportunities for the expansion of the Silver Mine. By the end of 2025, Sotkamo Silver's goal is to extend the Life of Mine to 2035. In addition to Silver Mine development projects, Sotkamo Silver is also both developing and searching for future growth paths in accordance with its strategy. Sotkamo Silver plans research programs for the company's ore exploration areas and is currently modeling and refining its exploration operations for the coming years. Announcement • Nov 04
Sotkamo Silver AB to Report Fiscal Year 2023 Final Results on Apr 02, 2024 Sotkamo Silver AB announced that they will report fiscal year 2023 final results at 9:00 AM, E. Europe Standard Time on Apr 02, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: kr112.5m (up 70% from 3Q 2022). Net income: kr11.2m (up kr38.0m from 3Q 2022). Profit margin: 10.0% (up from net loss in 3Q 2022). Revenue missed analyst estimates by 5.3%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: kr0.06 (up from kr0.029 loss in 2Q 2022). Revenue: kr119.5m (up 39% from 2Q 2022). Net income: kr17.1m (up kr22.9m from 2Q 2022). Profit margin: 14% (up from net loss in 2Q 2022). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • Jul 29
Sotkamo Silver AB Provides Production Guidance for the Year 2023 Sotkamo Silver AB provided production guidance for the year 2023. The Company expects to produce 1.4 -1.5 million ounces of silver in 2023. Breakeven Date Change • May 02
Forecast to breakeven in 2024 The analyst covering Sotkamo Silver expects the company to break even for the first time. New forecast suggests losses will reduce by 47% to 2023. The company is expected to make a profit of kr2.20m in 2024. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS in line with expectations, revenues disappoint First quarter 2023 results: kr0.07 loss per share (down from kr0.042 profit in 1Q 2022). Revenue: kr64.6m (down 47% from 1Q 2022). Net loss: kr18.9m (down 325% from profit in 1Q 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 05
CEO & MD of Sotkamo Silver Oy recently bought kr113k worth of stock On the 30th of March, Mikko Jalasto bought around 250k shares on-market at roughly kr0.45 per share. This transaction increased Mikko's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr169k more in shares than they have sold in the last 12 months. Major Estimate Revision • Mar 22
Consensus EPS estimates upgraded to kr0.09 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -kr0.10 to -kr0.09 per share. Revenue forecast steady at kr407.2m. Metals and Mining industry in Sweden expected to see average net income decline 25% next year. Consensus price target of kr0.27 unchanged from last update. Share price rose 14% to kr0.60 over the past week. Reported Earnings • Feb 17
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: kr0.14 loss per share (further deteriorated from kr0.087 loss in FY 2021). Revenue: kr382.0m (down 1.4% from FY 2021). Net loss: kr27.8m (loss widened 59% from FY 2021). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 04
Consensus estimates of losses per share improve by 27% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr326.0m to kr352.5m. EPS estimate increased from -kr0.22 per share to -kr0.16 per share. Metals and Mining industry in Sweden expected to see average net income decline 25% next year. Consensus price target of kr0.27 unchanged from last update. Share price rose 10% to kr0.48 over the past week. Breakeven Date Change • Jan 04
No longer forecast to breakeven The analyst covering Sotkamo Silver no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr12.0m in 2024. New forecast suggests the company will make a loss of kr7.00m in 2024. Price Target Changed • Nov 16
Price target decreased to kr0.40 Down from kr1.10, the current price target is provided by 1 analyst. New target price is 49% below last closing price of kr0.79. Stock is down 61% over the past year. The company is forecast to post a net loss per share of kr0.22 next year compared to a net loss per share of kr0.087 last year. Breakeven Date Change • Nov 16
Forecast to breakeven in 2024 The analyst covering Sotkamo Silver expects the company to break even for the first time. New forecast suggests the company will make a profit of kr12.0m in 2024. Average annual earnings growth of 59% is required to achieve expected profit on schedule. Reported Earnings • Oct 24
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: kr0.13 loss per share (further deteriorated from kr0.071 loss in 3Q 2021). Revenue: kr66.3m (down 18% from 3Q 2021). Net loss: kr26.8m (loss widened 87% from 3Q 2021). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 20
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from kr402.0m to kr351.0m. Forecast losses increased from -kr0.06 to -kr0.19 per share. Metals and Mining industry in Sweden expected to see average net income decline 20% next year. Consensus price target down from kr1.10 to kr0.55. Share price was steady at kr0.63 over the past week. Breakeven Date Change • Aug 03
No longer forecast to breakeven The analyst covering Sotkamo Silver no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr12.9m in 2022. New forecast suggests the company will make a loss of kr5.00m in 2024. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr1.15, the stock trades at a trailing P/E ratio of 51.2x. Average forward P/E is 5x in the Metals and Mining industry in Sweden. Total loss to shareholders of 68% over the past three years. Price Target Changed • Apr 27
Price target decreased to kr1.70 Down from kr2.10, the current price target is provided by 1 analyst. New target price is 5.1% below last closing price of kr1.79. Stock is down 42% over the past year. The company is forecast to post earnings per share of kr0.03 next year compared to a net loss per share of kr0.09 last year. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: kr0.09 loss per share (up from kr0.26 loss in FY 2020). Revenue: kr388.0m (up 2.9% from FY 2020). Net loss: kr17.0m (loss narrowed 64% from FY 2020). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 36%. Over the next year, revenue is forecast to grow 2.1%, compared to a 228% growth forecast for the mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Sotkamo Silver AB to Report Q4, 2022 Results on Feb 17, 2023 Sotkamo Silver AB announced that they will report Q4, 2022 results on Feb 17, 2023 Reported Earnings • Oct 16
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: kr81.0m (down 38% from 3Q 2020). Net loss: kr14.0m (down 141% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 17
Second quarter 2021 earnings released: EPS kr0.048 (vs kr0.34 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr111.5m (up 53% from 2Q 2020). Net income: kr9.60m (up kr71.0m from 2Q 2020). Profit margin: 8.6% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • May 04
Price target decreased to kr3.50 Down from kr3.85, the current price target is provided by 1 analyst. New target price is 21% above last closing price of kr2.90. Stock is up 52% over the past year.